Standard & Poor's has placed Connverium's 'BBB+' long-term counterparty credit and insurer financial strength ratings on creditwatch with negative implications.
At the same time, S&P's has placed its 'BB+' long-term counterparty credit and senior unsecured debt ratings on Converium Holdings on creditwatch with negative implications.
Credit analyst Marcus Rivaldi said the ratings agency took the move following the announcement that Converium plans to restate third quarter results.
Standard & Poor's said it aims to resolve the CreditWatch status following receipt of the restated financials and third-quarter results, currently scheduled for mid-December 2005.
